I own a condo and have it in a Dominican Corporation name. My question is how safe is it from overseas creditors?(student loan and maybe back taxes) Income straight up from employment and funds transferred with full records from banks. Also, any bank accounts I have. Should they be in a Dominican corporation name for protection or personal. Yeah, I know carrying some baggage but I would appreciate it if anyone can give me an answer.
- Thread starter greyman
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How safe are my assets?
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Don't worry about it, the rest of us hardly mind a bit paying off your "student loan and maybe back taxes"!
If you do not pay your student loans the U.S. Government now deducts what you owe from your SSI benefits. The interest continues to accrue. Contact a credit counseling firm and start making payments
The Dominican Republic does not have strict banking secrecy laws like Austria or Liectenstein. Banks regular trade or share information. Depending on the investigator assigned your case, it could be relatively easy to find that you have a bank account here and your Dominican Corporation and its shareholders (of which you are one) is a matter of public record. It all depends on how much you owe (and to whom) whether or not you will be tracked. If it's a lot, they'll find you. If it's not, they'll write it off.
If one started from scratch to gain financial privacy, it would be far wiser to use a local safe deposit box for your assests (not a bank) and have a non-Dominican international corporation own your real estate. This in all respects would make you "judgement proof."
For true financial privacy, the key is staying out of banks and off public records.
Banks do not talk about DR citizens
Maybe an attorney can confirm or deny this...but my banker tells me that "formally" banks will not disclose information about there citizens with out a Dominican court order.
Off course "unformally" that can be a different matter...
Getting a Dominican citizenship might shell you to a certain extinct.
Maybe an attorney can confirm or deny this...but my banker tells me that "formally" banks will not disclose information about there citizens with out a Dominican court order.
Off course "unformally" that can be a different matter...
Getting a Dominican citizenship might shell you to a certain extinct.
Why not just do the proper, mature thing and pay back your student loans and pay your back taxes?
Do you have a problem with personal responsibility and expect good folks to pay your "fair share" when you have a condo in the DR? Stiffing your creditors when you have the ability to pay has a societal cost.
You should be embarrased. You are stealing from others.
This is the best answer. I hope no one gives this guy any other advise. If you're not part of the solution, you're part of the problem.
assets
just watched the evening news on ABC network. the US govt.-military can not find 12 BILLION dollars, not pesos, in cash that was sent to bagdad. it comes as no wonder that people don't want to see their tax dollars go to a bunch of jerks. some people believe prez Bush stole the election in florida. the war, according to Rumsfeld was going to cost 50 billion tops. it is now estimated to be at least 500 BILLION so far. in US society the rich are getting richer and the poor are getting poorer, kinda like the DR. tax evasion is illegal. tax avoidance is perfectly legal. exxon-mobil, shell, do you think giant multi-nationals are all doing the right thing? give this guy a break. if i go in your house and take your TV thats a capital offense but if the govt. takes away your choice of TV programming by giving away TV licenses to large media conglomerates it's OK. if you believe in govt. doing the right thing than you also believe in santa and the easter bunny........and i bet all you do gooders try to be cheap with the shoe shine boy.......let the one who has no sin cast the first stone.............and i bet you don't go to church on sunday either.......EOM
just watched the evening news on ABC network. the US govt.-military can not find 12 BILLION dollars, not pesos, in cash that was sent to bagdad. it comes as no wonder that people don't want to see their tax dollars go to a bunch of jerks. some people believe prez Bush stole the election in florida. the war, according to Rumsfeld was going to cost 50 billion tops. it is now estimated to be at least 500 BILLION so far. in US society the rich are getting richer and the poor are getting poorer, kinda like the DR. tax evasion is illegal. tax avoidance is perfectly legal. exxon-mobil, shell, do you think giant multi-nationals are all doing the right thing? give this guy a break. if i go in your house and take your TV thats a capital offense but if the govt. takes away your choice of TV programming by giving away TV licenses to large media conglomerates it's OK. if you believe in govt. doing the right thing than you also believe in santa and the easter bunny........and i bet all you do gooders try to be cheap with the shoe shine boy.......let the one who has no sin cast the first stone.............and i bet you don't go to church on sunday either.......EOM
Safe Deposit Box and Panama Corporation
Spot on! The way to financial privacy is keeping a low profile. This means keeping your name off public records and staying away from local banks.
The only true private safe deposit box locally is through Banker Trust where you can get one simply by showing your passport. No local or former banking references needed. No paper trail.
In terms of corporations, you might try using a Panama corporation to hold title to your real estate. You can have anonymity, limited liability, and great asset protection.
Spot on! The way to financial privacy is keeping a low profile. This means keeping your name off public records and staying away from local banks.
The only true private safe deposit box locally is through Banker Trust where you can get one simply by showing your passport. No local or former banking references needed. No paper trail.
In terms of corporations, you might try using a Panama corporation to hold title to your real estate. You can have anonymity, limited liability, and great asset protection.
Thanks Maxim and others for the advice. I know how this sounds but things are not always as they appear. After taking my Masters degree I tried for a solid year to get a decent paying position. Everything was adjunct teaching jobs which paid about $1000 a semester per course. They would only let you teach a couple. Instead of hiring full time teachers they get alot of adjuncts and aside from paying them nothing there is no benefits etc.. I was working for a little over mimimum wage on another full time job to try and make ends meet. I filed all of the appropriate paperwork for a forebearance. I new legally I qualified for this. Everytime I talked I got some new person that took the hardline and said they are due and payable. The forebearance was denied. I told them I was worried about not being able to consolidate my loans if I went into default. Every attempt for several months fell on deaf ears. Finally I received an email. Good news we have worked this out for you! TWO MONTHS AFTER I WENT INTO DEFAULT. I emailed the guy back and asked him if I could still consolidate my loans after I had been placed in default. He was very apologetic and said no. All this too late. I fully intended to repay my loans. In fact if I was earning a decent salary the consolidated amount I would have been able to repay. As it is they called in all my loans, doubled the amount and just for good measure added an additional 25%. The amount I would have to pay per month is almost twice what it would have been if they had given me the forebearance. A year later I was making enough to have made payments if they had of not taken such a hard line and given me the forbearance.
To Maxim and others on the board I do appreciate the help. I also talked with someone yesterday that has been doing these things for many years and he assures me that when registered in a Dominican Corporation my assets are safe. I hope he is right.....
To Maxim and others on the board I do appreciate the help. I also talked with someone yesterday that has been doing these things for many years and he assures me that when registered in a Dominican Corporation my assets are safe. I hope he is right.....
Then how about paying your debts? Why is that such a problem? You borrowed the money with the guarantee you'd repay the lender.
If YOU were the lender, you'd expect to be repaid. Unless you didn't do your homework, you knew the employment prospects before going into it. You should have taken THAT into consideration.
You aren't the only one who accrued large debt in school. Some of us paid our loans back.
No matter how you want to spin it, you're being a deadbeat. You think you're ~Special~ and want someone else to take the fall for your actions.
Welcome to the Grown Up world, where government doesn't please everyone and Life is Tough.
Grow the f$^# up, pull up your britches, get a haircut, turn your hat around and get a job. Join the rest of Civil society where those as concerned as you are about Bad Government work within the system to make it better for everybody. Kwit yer bi+C#in' and do something positive to effect change. If you're so concerned, DO something and quit flapping your lips.
I don't like the way ANY government spends it's money either. But as long as I benefit from being part of that society, I will render unto Caesar what is Caesar, until I can vchange how Caesar operates.
Give this guy a break? Why should ANYONE give a scofflaw deadbeat a break?
And we wonder why society is going to hell in a handbasket...
and where would we be if nobody bi+C#ed? yes, i think the world would be a much better place if we were all fundamentalist christian republicans and they only made vanilla ice cream..........EOM
CB's Law of Rhetorical Economics: "The reason talk is cheap is because the Supply exceeds the Demand".
Complaining/b!+c#!ng without real action is like peeing in a pair of dark wool slacks: you feel all warm and fuzzy, but nobody notices.
When you incur a debt, pay the frickin' bill. You're no better than a crack ho feeding off welfare if you don't pay your debts when you can.
"EXCUSES" Are Like A$$HOLES"!!!!!!!!!!!!!!!!!!!!
Everybody has one,and they ALL Stink!!!!!!!!!
"Oh Poor Me"! I couldn't get a job..........Ya Da Ya Da Ya Da!!!!!!!!!!!
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Everybody has one,and they ALL Stink!!!!!!!!!
"Oh Poor Me"! I couldn't get a job..........Ya Da Ya Da Ya Da!!!!!!!!!!!
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Greyman...
why don't you liquidate some of those assets and do as you said you intended to do, "I fully intended to repay my loans" You will feel a whole lot better living out in the open without the fear you now live in.The quality of your life will not improve until you get the monkey off your back. If you were smart enough to acquire those assets, you should still be smart enough to acquire them again. Put your "Masters Degree" to work. Does one have to take a class in ethics and personal responsibility to get a Masters? Just a random thought.
why don't you liquidate some of those assets and do as you said you intended to do, "I fully intended to repay my loans" You will feel a whole lot better living out in the open without the fear you now live in.The quality of your life will not improve until you get the monkey off your back. If you were smart enough to acquire those assets, you should still be smart enough to acquire them again. Put your "Masters Degree" to work. Does one have to take a class in ethics and personal responsibility to get a Masters? Just a random thought.
Look at Panama for asset protection, have a Panama Corporation to own the DR one. You could also create a family foundation with no real owner but only beneficiaries (also works well as a substitute for a will, inheretance taxes etc etc). Create a nice structure with empty boxes if you need to.
You could be the protector of the foundation, keeping 100% control on your business. Also start banking there, off-shore I mean, Panama has some of the strictest laws on bank secrecy. It's nearly up there with Switzerland as safety. It's more indicated for small to medium investors though, only big money in Zurich nowadays.
Get advice from a lawyer in Panama, but whatever you do don't go for off the shelf companies.
You could be the protector of the foundation, keeping 100% control on your business. Also start banking there, off-shore I mean, Panama has some of the strictest laws on bank secrecy. It's nearly up there with Switzerland as safety. It's more indicated for small to medium investors though, only big money in Zurich nowadays.
Get advice from a lawyer in Panama, but whatever you do don't go for off the shelf companies.
If you read the press releases from the offshore jurisdictions that signed TIEAs, you?ll come away believing that they may be invoked only in the event of probable cause of tax fraud by a particular taxpayer. But that?s not what most of the treaties actually say. Instead, most TIEAs state that any information ?foreseeably relevant or material to United States federal tax administration and enforcement with respect to the person identified? for investigation must be turned over to the IRS.
Not ?probable cause? of a criminal or even civil tax offense. Not even ?reasonable suspicion.? Merely ?foreseeably relevant.? U.S. courts have interpreted this authority as permitting TIEA information requests ?even if the United States has no tax interest and no claim for U.S. taxes are potentially due and owing.? In other words, fishing expeditions into offshore accounts are explicitly permitted. The potential for abuse is obvious.
Nations That Have Already Given In
TIEAs are now in effect with Antigua & Barbuda, Aruba, the Bahamas, Barbados, Bermuda, the British Virgin Islands, the Cayman Islands, Costa Rica, Dominica, Dominican Republic, Grenada, Guernsey, Guyana, Honduras, the Isle of Man, Jersey, the Marshall Islands, Mexico, Peru, St. Lucia, and Trinidad & Tobago. In a handful of these countries, including Mexico and Barbados, ordinary tax treaties are in effect, but in most jurisdictions ?encouraged? to sign TIEAs, information flows only one way?to the U.S.
Austria, Liechtenstein and Panama haven't signed. (Switzerland has consented to a TIEA-like addition to the U.S.-Swiss tax treaty, but its terms are far more restrictive than typical TIEAs.) While pressure continues on these countries, and others, such as the United Arab Emirates, to ratify TIEAs, these jurisdictions have the diplomatic and financial clout to avoid being intimidated by the U.S.
Not ?probable cause? of a criminal or even civil tax offense. Not even ?reasonable suspicion.? Merely ?foreseeably relevant.? U.S. courts have interpreted this authority as permitting TIEA information requests ?even if the United States has no tax interest and no claim for U.S. taxes are potentially due and owing.? In other words, fishing expeditions into offshore accounts are explicitly permitted. The potential for abuse is obvious.
Nations That Have Already Given In
TIEAs are now in effect with Antigua & Barbuda, Aruba, the Bahamas, Barbados, Bermuda, the British Virgin Islands, the Cayman Islands, Costa Rica, Dominica, Dominican Republic, Grenada, Guernsey, Guyana, Honduras, the Isle of Man, Jersey, the Marshall Islands, Mexico, Peru, St. Lucia, and Trinidad & Tobago. In a handful of these countries, including Mexico and Barbados, ordinary tax treaties are in effect, but in most jurisdictions ?encouraged? to sign TIEAs, information flows only one way?to the U.S.
Austria, Liechtenstein and Panama haven't signed. (Switzerland has consented to a TIEA-like addition to the U.S.-Swiss tax treaty, but its terms are far more restrictive than typical TIEAs.) While pressure continues on these countries, and others, such as the United Arab Emirates, to ratify TIEAs, these jurisdictions have the diplomatic and financial clout to avoid being intimidated by the U.S.
Thanks alot Hornet for your advice and not your condemnation. If what happened to me happened to some of our other posters I'm sure they would be raising bloody hell as well. It's always easy to paint the world in absolutes of black and white. Fact is, sometimes it's grey.........
Baloney. When one acquires debt, one acquires the responsibility to resolve the debt. Ying and yang.
It's a little thing called "character". Too bad that wasn't offered in college-you could have used your student loans to get it.
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